Europe

Belgium has picked banks for a seven year benchmark, publishing the mandate just after joining the throng of sovereigns upping their funding requirements. Norway has also raised the size of its borrowing programme.

The Norwegian government’s support package for large companies goes beyond that announced in other jurisdictions, in actively buying bonds from companies deep in sub-investment grade territory, helping the country's vital oil exploration, shipping and oil services firms to access financing.

Hipgnosis Songs Fund, the London-listed investment fund focused on song royalties, has acquired the music catalogue of Richie Sambora, the lead guitarist of Bon Jovi and co-writer of the US band’s hits, for an undisclosed price. It is an example of the acquisitions the fund continues to make as it mulls a fresh equity capital raise.

The economic shock of the coronavirus outbreak is not likely to cause a downgrade to Italy’s credit rating, according to S&P in spite of the fact that its debt to GDP ratio could climb steeply in order to fund its response.

BMW has raised €200m from a single investor in the Schuldschein market, according to several market sources. Arrangers are talking with Schuldschein investors to gauge appetite for German auto manufacturers as the Covid-19 pandemic wreaks havoc on corporate earnings.

Goldman Sachs has hired a senior banker from Morgan Stanley to be its new head of equity syndicate, GlobalCapital understands.

The covered bond market’s reputation for a being a close knit community has served it well during this difficult period with members staying in close virtual contact as they self-isolate at home. On the whole, the experience has proved positive, though it’s clear that some have found it difficult to separate work from play.

More companies will raise equity capital without first offering existing shareholders pre-emption rights, given the "unprecedented" economic damage being caused by the spread of Covid-19.

Market participants are debating whether the risks to additional tier one coupons have risen or fallen after the European Central Bank urged banks not to pay equity dividends for at least six months.

Standard Chartered will commit at least $1bn of financing for companies that provide goods and services that can be used to fight against the Covid-19 pandemic.

Mondi, the paper company based in the UK and Austria, raised €750m on Friday to refinance its €500m bond maturing in September, and put some extra cash by in case of trouble, with a bond issue that it went ahead with on a down day for equities, even as some other companies opted not to issue.

GlobalCapital may not have been able to celebrate its Equity Capital Markets Awards in person with the winners this year but we are no less delighted to be able to reveal who they are and those winners are no less deserving for it. We fully intend that the dinner will return next year but for the meantime, here are some of the highlights from this year’s crop. Our congratulations to all.